Mellon Financial Corp.'s human resource and investor solutions unit announced Wednesday that it has a partnership with Financial Engines Inc. to offer a portfolio management program to 401(k) plan investors.
The program, Personal Asset Manager, lets plan participants delegate specific investment decisions to professional managers. Each participant account is to be personalized based on age, savings information, and current investments. Participants are also to get access to investment advisers through a call center and can further personalize their accounts by supplying information on investment goals, target retirement age, and outside holdings.
Mellon's human resource and investor solutions business was ranked the third-largest 401(k) plan administrator of 2004 by Business Insurance magazine; it keeps records for about three million participants. Mellon already offered clients Financial Engines' personal online adviser for do-it-yourself investors.
